FATCA & FBAR Compliance
If you are a U.S. taxpayer with foreign accounts, companies, or trusts, the IRS requires you to report them every year, on forms separate from your tax return, with penalties that dwarf the tax. We set up that reporting and fix it when years have been missed.
Talk to an attorneyFounded
1965
Attorneys
11
AV-rated
Martindale-Hubbell
Office
Bellevue, WA
Founded
1965
Attorneys
4
AV-rated
Martindale-Hubbell
Office
Bellevue, WA
FATCA and FBAR compliance attorneys for Bellevue and Seattle foreign investors
Oseran Hahn handles the annual U.S. reporting that foreign assets require, for new residents, dual citizens, and families with holdings abroad. We identify which forms apply, set up the FBAR and FATCA filings, cover the related returns for foreign companies, trusts, and gifts, and bring taxpayers back into compliance through the IRS disclosure programs when filings have been missed. This is the ongoing companion to pre-immigration planning: the planning sets the structure, and this keeps the yearly reporting correct so the penalties never start. For the upfront work, see Pre-Immigration and Cross-Border Tax Planning.
Foreign-asset reporting is a yearly obligation with its own forms, deadlines, and penalties, separate from the income tax itself. We work out which filings a taxpayer owes; we prepare the FBAR for foreign accounts; we handle the FATCA Form 8938 and the returns for foreign companies, trusts, and gifts; we fix missed years through the right IRS program; and we build a calendar so the reporting stays current.
Knowing which forms you owe
The first task is figuring out what applies, because foreign holdings can trigger several unrelated filings at once. A person with foreign bank accounts may owe an FBAR; the same person with a foreign company, trust, or large foreign gift may also owe Forms 5471, 3520, or others entirely. We inventory the holdings, map them to the required forms, and give the taxpayer a clear list, which is often the first time anyone has laid out the full obligation.
The FBAR
The FBAR, FinCEN Form 114, is required of any U.S. person whose foreign financial accounts together exceeded 10,000 dollars at any point in the year, under 31 U.S.C. §5314 and its regulations. It is filed with the Treasury, separately from the income tax return, and it covers bank accounts, brokerage accounts, and some others many people do not think of as reportable. The penalties are severe, with much higher amounts for willful failures than for inadvertent ones. We prepare the FBAR correctly and on time.
FATCA Form 8938 and related returns
FATCA adds a separate requirement: Form 8938, under IRC §6038D, reports specified foreign financial assets above thresholds that depend on filing status and residence, and it is filed with the tax return, overlapping but not identical to the FBAR. Foreign holdings also pull in their own returns, Form 5471 for foreign corporations, Forms 3520 and 3520-A for foreign trusts and large gifts, and Form 8621 for passive foreign investment companies. We handle the full set so nothing reportable is left off.
Fixing missed filings
Many people discover these obligations after years of not filing, often new immigrants who never knew. The IRS offers paths back: the Streamlined Filing Compliance Procedures for non-willful failures, which sharply reduce or eliminate penalties, the delinquent FBAR submission procedures, and the Voluntary Disclosure Practice for willful cases. Choosing the right one matters, because the wrong path can increase exposure. We assess the facts honestly and guide the taxpayer into the program that fits.
Staying compliant going forward
Once a taxpayer is current, the goal is to stay there. The forms recur every year, the thresholds and rules shift, and a single missed filing can restart the penalty exposure. We set up a reporting calendar, coordinate with the taxpayer's accountant, and keep the filings aligned with any changes in the family's holdings, so compliance becomes routine rather than a recurring scramble.
More than forty years helping families with cross-border lives meet their U.S. obligations. We handle the reporting as part of the larger picture, alongside the tax planning and the immigration strategy it connects to.
Reporting tied to the planning.
The forms you owe depend on how your holdings are structured. Because we also do the pre-immigration and entity planning, we set up reporting that matches the structure, instead of reacting to it later.
We fix the past, not just the present.
Many clients come to us with years of missed filings. We know the IRS disclosure programs and choose the one that resolves the exposure at the lowest cost, rather than guessing.
Straight about the risk.
Foreign-asset penalties are large and partly discretionary. We give an honest read on exposure and the realistic options, willful versus non-willful, so decisions are made with the real picture in view.
The attorneys behindthe work.
Our business and corporate attorneys handle this work alongside our litigation team, so you have coverage whether your matter stays transactional or becomes something more.
What clientsask us first.
What is the difference between the FBAR and FATCA?
They overlap but are separate. The FBAR (FinCEN Form 114) is filed with the Treasury and reports foreign financial accounts over 10,000 dollars in total. FATCA's Form 8938 is filed with your tax return and reports a broader set of foreign assets above higher thresholds. Many people have to file both, and filing one does not satisfy the other.
I just moved to the U.S. and have accounts back home. Do I need to report them?
Almost certainly, once you are a U.S. tax resident. Foreign bank accounts, investments, and in many cases companies and trusts become reportable, even though they are entirely outside the U.S. Many new residents do not realize this. We help you identify what applies and start filing correctly.
I have not filed these forms for years. What happens now?
You have options, and acting before the IRS contacts you matters. For non-willful failures, the Streamlined Filing Compliance Procedures can sharply reduce or eliminate penalties; there are separate paths for delinquent FBARs and for willful cases. The right program depends on your facts. We assess honestly and guide you into the one that fits.
How bad are the penalties really?
Serious. FBAR penalties can reach significant fixed amounts per non-willful violation and far more for willful ones, and other foreign-asset forms carry their own steep penalties, often assessed per form, per year. The amounts can exceed the value of the unpaid tax. This is why getting the reporting right, or fixing it promptly, matters so much.
Do you do the filings, or just advise?
Both. We determine what you owe, prepare and file the forms, and coordinate with your accountant where one is involved. For missed years, we manage the disclosure submission end to end. The goal is to get you compliant and keep you there, not just to tell you what the rules are.
Recentarticles.
Tell us what you hold abroad and whether you have been filing, even if years have been missed. A foreign investment attorney will follow up within one business day, and the first conversation is confidential.
Oseran Hahn P.S. · 11225 SE 6th St, Suite 100 · Bellevue, WA 98004
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